Date: August 2014

Written By: Allison Preston

Arizona law requires homeowners associations to hold at least one membership meeting per year. A.R.S. §33-1248(B). This meeting is commonly referred to as the annual meeting. Oftentimes, an association holds multiple meetings throughout the year; however, the annual meeting is specifically required by statute, and it provides an association’s members the opportunity to receive a recap of the association’s activities from the preceding year, as well as a snap shot of the association’s activities for the upcoming year.

A homeowners association’s annual meeting provides an association the opportunity to address two additional requirements of Arizona law that apply to homeowners associations.  First, an association’s board of directors is required to adopt an annual budget and to provide the association’s members a summary of the adopted budget. Second, a homeowners association’s board of directors is required to provide an annual audit or review of the association’s financials from the preceding year.  A.R.S. § 33-1243(J). Read more